Goldman Sachs Maintains Neutral, PT on Autodesk
Goldman Sachs reiterates its Neutral rating and 12-month $31 profit target on Autodesk (NASDAQ: ADSK) on conservative guidance and increased promotions.
According to Goldman, “Autodesk reports F3Q12 results on Tuesday, November 15, after the market close. We are modeling total revenue and EPS of $542 mn and $0.41, in line with consensus and versus guidance of $535-$550 mn and $0.38-$0.42. … We would expect management to maintain a relatively conservative tone. If Oct11 revenue comes in flat sequentially, we would not be surprised to see F4Q12 guidance fall between a range of +4% to +8% qoq ($570 mn - $590 mn) to as high as +5% to +9% ($575mn - $595mn). Based on these ranges, we would expect consensus at $584 mn to remain largely unchanged, though this scenario would suggest upside risk to our F4Q12 estimate of $565 mn.”
ADSK closed Wednesday trading at $32.54 a share.
